So the stock market tanks yesterday (Thursday 8/4) and today we hear the US added 117,000 jobs in July.
Behind the headlines, governments lost 37,000 jobs, most of those from State and local governments, and I don’t see that trend stopping as all levels of government are seriously strapped for cash.
The US unemployment rate ticked down to 9.1% – but the government says that’s mostly from people leaving the workforce. 13.9 million Americans remain unemployed, 44% of which have been out of work for six months or longer.
We expect the rough ride to continue as conflicting data breeds uncertainly – and small business doesn’t like uncertainty. Locally – we continue to see spotty improvement in the job market – although there continues to be no real pattern or strong sustainable demand.
We continue to see demand for skilled and professional candidates. We also see continued demand for part-time workers, which we generally see in uncertain times – employers remain hesitant to make full time commitments.
We’ll continue to keep you updated, and if you are able to provide me with your views I will (confidentially) incorporate that into my analysis.
Enjoy the weekend and the rest of the summer.
Scott